News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.01% Gold: 1.07% Silver: 0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/xyCL2CYP7W
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.84% 🇬🇧GBP: 0.82% 🇨🇦CAD: 0.82% 🇨🇭CHF: 0.50% 🇪🇺EUR: 0.39% 🇯🇵JPY: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ibgs9CNXPa
  • Canadian Dollar Forecast: USD/CAD Surge Pulls Back - Loonie Levels https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/06/21/Canadian-Dollar-Forecast-USDCAD-USD-CAD-Surge-Pulls-Back-Loonie-Levels.html https://t.co/pUUcxN90SS
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.54% US 500: 1.27% FTSE 100: 0.15% Germany 30: 0.12% France 40: 0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KEdjrQMxKp
  • Worth keeping in mind that up to 45% of polysilicon used in solar panels comes from Xinjiang
  • According to Politico the US is considering imposing a ban on polysilicon from Xinjiang
  • USD/JPY gives back the advance following the Federal Reserve interest rate decision as the 10-Year US Treasury yield slips to a fresh monthly low. Get your $USDJPY market update from @DavidJSong here:https://t.co/KnAbpYcdTM https://t.co/kKTJbNEyLZ
  • Heads Up:🇷🇺 Unemployment Rate (MAY) due at 16:00 GMT (15min) Expected: 5.2% Previous: 5.2% https://www.dailyfx.com/economic-calendar#2021-06-21
  • ECB's Lagarde says the ECB still has room to cut rates if needed $EUR
  • ECB's Lagarde says the ECN still has room to cut rates if needed $EUR
Gold Price Struggles as Technical Resistance Holds

Gold Price Struggles as Technical Resistance Holds

Nick Cawley, Strategist

Gold Price News and Analysis

- Gold unable to breach the 200-day moving average.

- A new 2018 low may be made in the short-term.

The new DailyFX Q2 Gold Forecast is now available to help traders navigate the market.

The latest IG Retail Sentiment Indicatorshows that traders are nearly 79% net-long of the precious metal, yet recent changes in net-longs give a mixed trading bias.

Gold Price May Fade Lower

The spot price of gold is having difficulty trading back above the 200-day moving average, currently around $1,308/oz, despite other safe-haven assets getting a strong bid on the ongoing political turmoil in Italy. US Treasury yields have also been driven lower as investors shun risk, a situation that would normally see gold moving higher, yet price action is flat on the day. While the situation in Italy may calm over the next few days, in Spain there will be a vote of no-confidence in Prime Minister Mariano Rajoy on Friday. Rajoy who has ruled Spain since 2011 is under pressure after 29 people linked to his People’s Party were convicted of a series of crimes last week.

The long-term moving average, which provided support in the first two weeks of May has now turned into a strong resistance level and will need to be broken decisively if gold is to push ahead. A break above would leave $1,316 as the next upside target.

Gold currently trades just below the 50% Fibonacci retracement ($1,301.4/oz) of the December -January 2018 rally and is currently eyeing this year’s low at $1,281, around $5 below the 61.8% Fibonacci retracement at $1,286/oz.

Gold Spot Price Chart Daily Time Frame (September 6, 2017 – May 29, 2018)

Gold Price Struggles as Technical Resistance Holds

Are you new to Gold or FX trading or are you looking to improve your trading skill sets? We can help you along your journey with a comprehensive range of constantly updated guides and trading tools – they are all Free to Download Here.

What’s your opinion on Gold?Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at nicholas.cawley@ig.com or via Twitter @nickcawley1.

--- Written by Nick Cawley, Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES